Annual Turkish M&A Review 2014

January 2015 Basis of Presentation

Transactions data presented in this report are based on information that is readily available in the public domain and include transactions with closing procedures still ongoing at the year end.

This study does not include capital market transactions, IPOs, real estate sales, intra-group share transfers and transactions of financial institutions within the framework of debt restructuring.

We do not accept any responsibility as to the accuracy or completeness of the data or as to whether all transactions listed herein will necessarily close. Foreword

Despite many challenges in the political and economic environment in 2014, investors maintained their confidence in the Turkish market. Driven by big-ticket privatizations and lively middle market activity, annual mergers & acquisitions volume was around US$21 billion with 236 deals, broadly similar to recent years.

The contribution of privatizations to total deal volume was at an all-time high while foreign investors, though still not as prominent as in earlier years, increased their deal volume by 54% compared to 2013.

Looking ahead to 2015, liquidity concerns for Başak Vardar emerging markets, upcoming general elections Financial Advisory Services Leader and diminishing growth expectations may signal Partner a difficult period for the Turkish M&A market. Nevertheless, given the growing middle market, persistent private equity activity and foreigners’ appetite in a wide range of industries, we are confident that the market will retain its long-term attractiveness.

On behalf of our corporate finance team in Deloitte Turkey, we are delighted to share our annual Turkish M&A review, featuring our analyses and views regarding the M&A market here.

1 Resilient M&A activity in a difficult environment

Despite the unfavourable geopolitical and economic environment, investors maintained their confidence in the Turkish market. Total M&A deal volume in 2014 was around US$21 billion with 236 transactions. Privatizations and middle market deals were the two drivers of overall deal volume. Foreign investors and private equity firms remained highly interested but cautious.

As an emerging market dependent on external Out of 236 deals, 89 had a disclosed deal value finance, exporting to Europe but also bordering adding up to c. US$15.8 billion. Considering the Syria, Turkey faced more than its fair share of estimated value of deals with undisclosed values, challenges in 2014. However the level of Turkish we estimate that total M&A volume was around mergers & acquisitions activity remained resilient, US$21 billion in 2014, representing a growth of largely thanks to the depth of investor interest and 20% compared to 2013. The characteristics of the continued dynamism of the middle market. the market were very similar to the previous year: privatizations had a substantial impact on the total deal volume while the vitality in the middle market was the main driver of the overall M&A activity.

Privatizations made their highest contribution ever to the annual deal value, representing 41% of the total with US$8.6 billion through 12 transactions.

2 Privatization of Milli Piyango, the long-awaited US$39 million. 179 transactions each with a deal tender for the operating rights of the national value less than c. US$50 million, which accounted lottery monopoly for a consideration of US$2.8 for 76% of the total deal number, represented billion, comprised by itself 13% of the total deal only c. 12% of the total deal value, indicating the value. Other privatization deals included some vivacity of the small and middle market. major energy and port assets which were also among the largest transactions of the year. Financial investors’ deal volume was around US$2.1 billion through 36 transactions, that The share of foreign investors in the annual deal corresponded to 10% of the total deal volume volume was again modest at a level of 38% (US$8 and 15% of the total number of deals. Private billion) with 113 transactions, as they were largely equity firms, although more selective now, absent from the big privatizations. Yet, those continued to be active through new acquisitions, investors drove the private sector transactions in add-on investments and exits. many industries and made up 65% of the private sector deal value, representing year-on-year Due to upcoming general elections in Turkey growth of 54%. BBVA’s minority stake acquisition and lower growth prospects for emerging in Garanti Bank for c. US$2.5 billion was recorded markets generally, we expect 2015 could be a as the largest private sector transaction of 2014 difficult year. Nevertheless, we are confident that and the 3rd largest overall. Turkish investors, on investors will remain keen on exploring investment the other hand, represented the remaining 62% opportunities here and investing in Turkish assets of the annual deal volume through 123 deals as they believe in the long term growth potential with a total deal value of US$13 billion (including of this country. estimates for undisclosed values), one of the highest levels historically.

The ten largest transactions comprised c. 58% of the total deal volume (including estimates for undisclosed values) in 2014. Excluding those 10 deals, the remainder (226 deals) totalled c. US$8.8 billion, corresponding to an average deal size of c.

3 At a glance

Year 2010 2011 2012 2013 2014 Deal Number 190 237 253 215 236 Deal Volume US$17.3 billion US$15.0 billion US$22.0 billion US$17.5 billion US$21 billion Privatizations / US$2.9 billion / US$1 billion / US$6.4 billion / US$6.6 billion / US$8.6 billion / Share in Total 17% 7% 29% 38% 41% 60% 74% 59% 30% (*) 38% (*) Foreign Investors of deal value of deal value of deal value of deal value of deal value 5% 8% 7% 12% 10% Financial Investors of deal value of deal value of deal value of deal value of deal value Average Deal Size (**) c. US$91 mn c. US $63 mn c. US$87 mn c. US$81 mn c. US$89 mn Share of Largest 10 61% 56% 71% 49% 58% Deals in Total Volume US$5.8 bn US$3.8 bn US$1.7 bn (Toroslar US$2.8 bn Largest Deal Value / US$2.1 bn (Garanti Bank) / (Denizbank) / Electricity Disco) (Milli Piyango) / Share in Total (Genel Enerji) / 14% 34% 17% / 10% 13%

Note: Data presented above include estimates for deals with undisclosed values and are adjusted for cancelled transactions. (*) Excluding privatizations, foreign investors’ share in the remainder of the deal value was 47% and 65% in 2013 and 2014, respectively. (**) Excluding the top ten deals, the average deal size of the remainder was c. US$37, c. US$29, c. US$26, c. US$44 and c. US$39 million in respective years.

4 Deal Volume and Deal Number Deal Volume and Deal Number 30 300

253 25 237 250 236 215 20 190 200 ) n o i l l i b

15 150 $ S U ( 101 22,0 10 21,0 100 17,3 17,5 15,0 5 50 5,2 0 0 2009 2010 2011 2012 2013 2014 Deal Value Deal Number

5 Privatizations

Privatizations were a major driver of the total The long-awaited privatization of the national annual volume: 41% of the total, a higher lottery, Milli Piyango, was won by a Turkish percentage than in any other recent year. A consortium for a total consideration of US$2.8 busy agenda, comprising various strategic assets billion, the largest deal of the year. This transaction in services, infrastructure and energy, boosted alone comprised c. 13% of the total deal volume. the total privatization volume to US$8.6 billion through 12 deals. In addition to the Privatization Energy assets were once again on the stage but Authority, the Savings Deposit Insurance Fund mainly with major thermal plants this time and (SDIF) tendered 2 companies, which in total had a formed another c. US$4.7 billion, representing deal value of c. US$0.4 billion. 22% of the total annual volume.

As has become the usual pattern, Turkish groups continued to be the dominant investors in privatizations, which is the main reason for their high share of total deal volume in 2014.

PPrivatizationsrivatizations 30 45%

41% 40% 25 38% 22,0 35% 21,0 20 30% 29% 17,3 17,5 23% 25% ) 15,0 n

o 15 i l l i 20% b

$

S 17% U ( 10 8,6 15% 6,4 6,6 5,2 10% 5 2,9 7% 5% 1,2 1,0 0 0% 2009 2010 2011 2012 2013 2014 Total Deal Value Privatizations Ratio to Total Deal Value (%)

(1) Figures above do not include SDIF sales

6 Privatizations

Deal Value Acquirer Origin Target Sector Stake (US$ million) Net Şans; Hitay Holding Turkey Milli Piyango Services 100,0% 2.755 IC İçtaş Enerji Turkey Yeniköy and Kemerköy Thermal Energy 100,0% 2.671 Power Plants Bereket Enerji Turkey Yatağan Thermal Power Plant Energy 100,0% 1.091 Tek-Art (Koç Holding) Turkey Fenerbahçe - Kalamış Marina Infrastructure 100,0% 664 Safi Katı Yakıt San. ve Tic. A.Ş. Turkey Derince Port Infrastructure 100,0% 543 Çelikler İnşaat Turkey Orhaneli and Tunçbilek Thermal Energy 100,0% 521 Power Plants Bereket Enerji Turkey Çatalağzı Thermal Power Plant Energy 100,0% 350 Veysi Madencilik Turkey Kayaköy Hydro Electric Power Plant Energy 100,0% 10 Cem Veb Ofset Turkey 5 Hydro Electric Power Plants Energy 100,0% 9 Ordu Yardımlaşma Kurumu Turkey Oyak İnşaat A.Ş. Construction 25,0% 6 Ülke Yatırım Araştırma Geliştirme Turkey Dere and İvriz Hydro Electric Power Energy 100,0% 2 Plants Metek Hidro Enerji Sanayi ve Turkey Esendal Işıklar Hydro Electric Power Energy 100,0% 2 Ticaret A.Ş. Plants

SDIF Sales

Deal Value Acquirer Origin Target Sector Stake (US$ million) Es Mali Yatırım Turkey BMC Manufacturing 100,0% 345 Kuzey Star Shipyard Denizcilik Jordan Çelik Tekne Tersanesi Shipbuilding 100,0% 13 (Hijazi & Ghosheh Group)

7 Investor origin

Deal Number

Deal Number Foreign investors generated a total deal volume of c. US$8 billion (including estimates for undisclosed Germany Italy Spain 7 7 values) through 113 deals while Turkish investors Japan 4 9 Switzerland were involved in 123 deals amounting to c. 4 US$13 billion (including estimates for undisclosed France UAE 9 4 values). The majority of the Turkish investors’ Turkish Investors deal value came from privatizations (66%) while 123 Foreign Investors foreign investors dominated the private sector 113 UK 12 transactions. Other 36 USA 21 As privatizations were dominated by local buyers, foreign investors’ share in the total deal value remained limited at 38%, although that was an improvement on their record low share of 30% in 2013.

Excluding privatizations, foreign investors’ contribution to the remainder of the annual deal value was 65%, still a low figure as compared to the past (2011 - 82%, 2012 - 83%) but Deal Value (Disclosed; US$ million) Deal Value (Disclosed; US$ million) significantly higher than in 2013 (47%) as a result of a few top-tier private sector transactions. Foreign investors agreed deals with a total USA 523 Malaysia investment of US$8 billion, a 54% increase on the 369 Greece US$5.2 billion they committed in 2013. 343 China 313 Turkish Investors Foreign Investors 10.941 4,818 UK 310 Spain France 2.469 220 Other 270

8 Similar to previous years, Euro-zone based investors were the most active foreign investors with 58 deals (51% of the foreigners’ total deal numbers), while 23 deals (20%) were made by North American investors and 19 deals (17%) by Far East based investors. As in 2013, investors from USA and the UK were at the top of the list in terms of deal numbers and they were followed by France, Japan, Germany and Italy.

Euro-zone based investors also ranked highest in terms of deal value with a total value of c. US$4.9 billion, representing c. 61% of foreigners’ deal volume (including estimates for undisclosed values). Far East based and North American investors were the runner-ups by deal value and together formed 30% of the foreign investor deal value. Because of BBVA’s acquisition of a Garanti Bank shareholding from Doğuş Holding, Spanish investors were the leading investor group among European buyers in terms of deal value.

The sectoral distribution of deals shows that foreign and local investors were almost equally interested in food & beverage, financial services, mining and e-commerce. Furthermore, foreign investors clearly dominated the transactions in manufacturing and the wholesale & distribution sectors, while energy, internet & mobile services and retail were the sectors most preferred by local investors.

9 Financial investor activity

Thanks to its strong macro fundamentals, Turkish involved in 36 transactions amounting to c. market maintained its attractiveness to financial US$2.1 billion (including estimates for undisclosed investors in a difficult year. In 2014, financial values), corresponding to 10% of the deal volume investors including private equity firms, investment and 15% of the total number of deals. groups, venture capital firms, international financial institutions and pension funds were On the other hand, deal numbers in the last two years (total 71) were significantly less than in the 2011-2012 period (total 103) as private equity Financial Investor Activity investors are now more cautious and selective. Financial Investor Activity 30 16% In addition to familiar players, we have observed 8 24 46 57 35 36 new entrants such as investment groups with 14% portfolio companies in specialty areas (e.g. 25 13% 12% insurance, environmental technology etc.) and 22,0 12% 21,0 pension funds. 20 10% 17,5 10% ) 17,3 n Also add-on investments and exit transactions by o i l

l 15,0 i 8% b 15 8% private equity firms proceeded, in alignment with

$ 7% S their investment spans and return expectations. U ( 6% 10 5% Backed by venture capital funds, internet & mobile 4% 5,2 services was the most in-demand sector with 7 5 2% deals, followed by energy (5), financial services, 1,6 2,1 2,1 0,7 0,9 1,2 e-commerce and services each with 3 transactions. 0 0% On the other hand, most of the financial investors’ 2009 2010 2011 2012 2013 2014 deal volume came from deals in energy and Total Deal Value Financial Investor Deals Ratio to Total Deal Value (%) Total Deal Number financial services sectors.

Private Equity Exits

Seller Target Acquirer Ashmore Exotic Gıda ve Sanayi Private Investors Ticaret A.Ş. (Ahmet Namık Yarman, Özbek Özşahin) Ashmore Nezih Kitap Private Investors (Numan Lir, Muharrem Ender Karvar) Aslanoba Capital Ehil.com Private Investor (Lütfi Gündüz) BC Partners Migros (Partial exit) Anadolu Endüstri Holding GE Energy Financial Services Gama Enerji Gama Holding International Finance Corporation Finansbank National Bank of Greece KKR U.N. Ro-Ro Esas Holding; Actera Group Mediterra Capital Partners Mikro Ödeme Sistemleri Wirecard AG İletişim ve Tic. A.Ş. Partners in Life Sciences (PiLS) Münir Şahin İlaçları SBK Holding Partners in Life Sciences (PiLS) Betasan SBK Holding Rohatyn Group, Global Finance SA Biofarma SBK Holding Turkven Tekin Acar Private Investor (Tekin Acar)

10 Financial Investor Deals

Deal Value # Acquirer Origin Target Sector Stake (US$ million)

1 212 Capital Partners, Pahicle Invest Turkey iyzico Internet & Mobile Services N/D 1 Actera Group (through LBT Varlık 2 Turkey Turkasset Varlık Yönetim Financial Services 100% N/D Yönetim) Ascent Capital (through Alivira Animal 3 India Provet Veteriner Ürünleri Pharmaceuticals 60% N/D Health Limited) 4 Aslanoba Capital Turkey OnlineMarket E Commerce N/D N/D

5 Aslanoba Capital Turkey Modacruz.com Internet & Mobile Services N/D N/D

6 Aslanoba Capital Turkey Webrazzi Internet & Mobile Services 15% N/D

7 Aslanoba Capital Turkey BuldumBuldum.com Internet & Mobile Services N/D 2

8 Aslanoba Capital Turkey Meal Box Internet & Mobile Services N/D 1 Şeker Yem ve Piliç Sanayi 9 Auckland Investment Group UAE Food & Beverage 70% N/D Ticaret 10 Elemental Holding SA Poland Evciler Kimya Services 51% 11 EMF Capital Partners; Deutsche 11 UK, Germany Aviva Sigorta Financial Services 99% N/D Investitions 12 Esas Holding; Actera Group Turkey U.N. Ro-Ro Logistics & Transportation 98% N/D European Bank of Reconstruction and 13 UK Paşabahçe Cam Sanayii Manufacturing 15% 158 Development (EBRD) 14 Gedik Girişim Turkey Zen Enerji Energy 20% 0

15 Goldman Sachs USA Petlim Limancılık A.Ş. Infrastructure 30% 250

16 Gözde Girişim Turkey Penta Teknoloji Dağıtım Wholesale & Distribution 54% 13

17 iLab Ventures Turkey Emlakjet.com Internet & Mobile Services 100% N/D STP Gıda Sanayi ve Ticaret A.Ş. 18 Infinity Invest Holding Turkey Restaurants & Hospitality 70% N/D (Özsüt) 19 InfraMed Infrastructure France Hamitabat Elektrik Üretim A.Ş. Energy 25% N/D

20 International Finance Corporation (IFC) USA Soda Sanayii A.Ş. Manufacturing N/D 25

21 International Finance Corporation (IFC) USA Gama Enerji Energy N/D 170

22 Inventures Turkey Tazemasa.com E Commerce N/D N/D

23 İş Girişim, DGSK Turkey, S. Korea Radore Veri Merkezi Hizmetleri Services 57% 16

24 Levant Capital UAE Panço Giyim Retail N/D N/D Mediterra Capital (through ACP Sigorta Erna Sigorta ve Reasürans 25 Turkey Financial Services 100% N/D ve Reasürans Brokerlığı) Brokerlığı A.Ş. 26 NBK Capital Kuwait Yatsan Retail 78% N/D

27 NBK Capital Kuwait Sistem-9 Medya Media 51% N/D

28 Nesma Holding; ReAya Holding Saudi Arabia Avrupagöz Healthcare 50% 24

29 Partners Group Holding Switzerland Enerya Energy 30% N/D

30 Pera Capital Turkey Autoking Services 50% N/D

31 Pine River Capital USA Net Holding Tourism 15% 75

32 PineBridge Investments USA Romatem Healthcare 50% N/D

33 Public Sector Pension Investments Canada Polat Enerji Energy 45% N/D

34 Ribbit Capital USA parasut.com Internet & Mobile Services N/D N/D

35 The Abraaj Group UAE hepsiburada.com E Commerce 25% N/D

36 Verusaturk Venture Capital Investments Turkey Profreight Taşımacılık Logistics & Transportation 44% 2

11 Deal size ranges

As an established characteristic of the Turkish Average deal size in 2014 was c. US$89 million (c. M&A environment, middle market transactions US$81 million in 2013). Excluding the largest ten dominated the activity as the vast majority of transactions, the average deal size was c. US$39 the transactions occurred in this segment. 179 million (c. US$44 million in 2013), again indicating transactions each with a deal value less than the scarcity of big-ticket private sector transactions US$50 million, corresponding to 76% of the total compared to the lively middle-market. number of deals, represented only 12% of the total deal value. Conversely, transactions each with a deal value higher than US$100 million, corresponding to 16% of the total number of deals, represented c. 83% of the total deal value.

Deal Value Ranges * Range Share in Total Deal Number (%) Share in Deal Volume (%) Over US$500 million 3% 55%

Between US$250 – 500 million 4% 14%

Between US$100 – 250 million 9% 14%

Between US$50 – 100 million 8% 5%

Less than US$50 million 76% 12%

Total 100% 100%

(*) Including estimates for deals with undisclosed values

12 The largest 10 deals (based on disclosed values) made up c. 58% of the total deal volume. Out of the largest 10 deals, 7 were the privatizations and SDIF sales of energy, infrastructure and manufacturing assets. The privatization of Milli Piyango was the largest transaction of the year, alone representing c. 13% of the annual deal volume. The remaining 3 out of top 10 were 2 deals by foreign investors who increased their existing stakes in the companies by buying out their Turkish partners’ shares to strengthen their local presence (Garanti Bank and Sabiha Gökçen Airport) and a deal by Anadolu Endüstri Holding who acquired a partial stake in a private equity exit.

Top 10 Deals (based on disclosed values) Deal Value # Acquirer Origin Target Sector Stake (US$ million) 1 Net Şans; Hitay Holding Turkey Milli Piyango Services 100% 2.755 Yeniköy and Kemerköy 2 IC İçtaş Enerji Turkey Energy 100% 2.671 Thermal Power Plants 3 BBVA Spain Garanti Bankası Financial Services 15% 2.469 Yatağan Thermal Power 4 Bereket Enerji Turkey Energy 100% 1.091 Plant MH Perakendecilik (indirect 5 Anadolu Endüstri Holding Turkey Retail 81% 800 40.25% share of Migros) Fenerbahçe - Kalamış 6 Tek-Art (Koç Holding) Turkey Infrastructure 100% 664 Marina 7 Safi Katı Yakıt San. ve Tic. A.Ş. Turkey Derince Port Infrastructure 100% 543 Orhaneli and Tunçbilek 8 Çelikler İnşaat Turkey Energy 100% 521 Thermal Power Plants Malaysia Airports Holdings Istanbul Sabiha Gökçen 9 Malaysia Infrastructure 40% 369 Berhad International Airport 10 Es Mali Yatırım Turkey BMC Manufacturing 100% 354

13 Sectoral overview

Deal Number In terms of deal numbers, similar to the previous year, manufacturing and energy were the most Manufacturing 31 popular sectors with 31 and 25 deals respectively. Energy 25 Services, internet & mobile services and financial Food & Beverage 22 services together nearly doubled in deal number Financial Services 20 year-on-year and made a respectable contribution Internet & Mobile Services 20 to the M&A activity in 2014 along with the food Wholesale & Distribution 19 & beverage, wholesale & distribution and retail Services 18 sectors. Retail 15 Media 8 Energy sector continued to be the biggest Mining 7 contributor to overall deal value with a 29% Healthcare 6 share and US$6 billion (including estimates for Pharmaceuticals 6 undisclosed values); while the financial services Construction 5 sector came in second. Notably, the privatization E Commerce 5 of Milli Piyango helped the services sector to make Infrastructure 4 the biggest leap in 2014 with deals worth a c. Entertainment 4 US$3 billion (including estimates for undisclosed Other 21 values) in total. 0 5 10 15 20 25 30 35 Deals in the energy sector were mainly composed of the privatizations of thermal energy generation Deal Value (Disclosed; US$ million) assets as well as mid-size private energy portfolio Deal Value (Disclosed; US$ million) transactions. Also, the vast majority of the deal volume (98%) in financial services was generated Energy 5.037 by foreign investors through banking and Financial Services 3.186 insurance deals. Services 2.814 Infrastructure 1.826 Transactions involving financial investors occurred Retail 964 in a wide range of industries among which internet & mobile services, financial services and Manufacturing 825 the energy sector were the most active ones. In Food & Beverage 559 terms of deal value, energy, financial services and Internet & Mobile Services 132 infrastructure together generated c. 59% of the Tourism 105 total private equity activity deal volume. Construction 69 Petrochemicals 49 Logistics & Transportation 48 Wholesale & Distribution 44 Other 101

0 1.000 2.000 3.000 4.000 5.000 6.000

14 Prospects

Subdued growth in the Eurozone, increasing liquidity pressure on the emerging markets, tension in Russia and an election year in Turkey indicate that 2015 could be a challenging year for M&A here. Yet, investors continue to believe in the long-term growth potential of Turkey, which still stands out as one of the most promising markets with numerous investment opportunities.

Middle market transactions will remain the key determinant of the overall M&A activity while we also expect certain big transactions in the financial services, entertainment and energy sectors.

We have been observing that private equity appetite, which soared after the global financial crisis, has started to abate, however Turkey exhibits great potential for financial investors with its growing middle market. We expect that global private equity firms’ interest in Turkey will be deal-specific and private equity activity will be dominated by those firms which are locally established.

The privatization pipeline will again be noteworthy. If sizeable and highly anticipated tenders such as highways and bridges, ports and İgdaş gas distribution take place in 2015, privatization volume would reach a considerable level.

The retail, energy, financial services, manufacturing and food & beverage sectors are expected to be strong candidates as the most active M&A sectors of 2015.

15 2014 Deal list

Deal Value # Acquirer Origin Target Sector Stake (US$ million) 212 Capital Partners, Internet & Mobile 1 Turkey iyzico N/D 1 Pahicle Invest Services A1 Capital Menkul 2 Turkey Ulus Menkul Değerler A.Ş. Financial Services 100% N/D Değerler 3 AAK AB Sweden Frita Food & Beverage 100% N/D Actera Group (through LBT 4 Turkey Turkasset Varlık Yönetim Financial Services 100% N/D Varlık Yönetim) AGM Avrupa Sağlık 5 Turkey Baysan Trafo Radyotörleri Manufacturing 73% 13 Hizmetleri Hacettepe Teknokent Eğitim ve Klinik Araştırma 6 Akfen Holding Turkey Merkezi Sağlık AR-GE Construction 45% 14 Danışmanlık Proje Sanayi ve Ticaret A.Ş. Gizem Seramik Frit ve 7 Ak-Kimya Sanayi Turkey Manufacturing 100% N/D Glazür Sanayi 8 Aksa Enerji Turkey Siirt Akköy Enerji Energy 100% 2 Marmara Petroller San. Ve Wholesale & 9 Aksel Enerji Yatırım Holding Turkey 63% 6 Tic. A.Ş. Distribution 10 Alstom France Deltom Jeotermal Analiz Energy 30% N/D

11 Altınbaş Holding Turkey Sümer Faktoring Financial Services 100% N/D

12 Altun Market Turkey Özlem Market (5 stores) Retail 100% N/D MH Perakendecilik (indirect 13 Anadolu Endustri Holding Turkey Retail 81% 800 40.25% share of Migros) Başkent Gölbaşı Maden Anayurt Kömür Madencilik 14 Turkey Enerji Kömür Elektrik Mining 100% N/D San. ve Tic. A.Ş. Üretim ve San. Tic. Ltd. Şti. 15 Ansa Yatırım Holding Turkey Prestij Oto Kiralama Services 98% 2

16 Ansa Yatırım Holding Turkey Nuvel Turizm Services 60% 0 Wholesale & 17 Aptec Holdings Limited UAE Armada Bilgisayar 58% 24 Distribution Kızıltepe Gold and Silver 18 Ariana Resources UK Mining 100% N/D Mine 19 Arvato Germany OGLI Services 100% N/D Ascent Capital (through 20 Alivira Animal Health India Provet Veteriner Ürünleri Pharmaceuticals 60% N/D Limited) 21 Aslanoba Capital Turkey OnlineMarket E Commerce N/D N/D Internet & Mobile 22 Aslanoba Capital Turkey Modacruz.com N/D N/D Services Internet & Mobile 23 Aslanoba Capital Turkey Webrazzi 15% N/D Services Internet & Mobile 24 Aslanoba Capital Turkey BuldumBuldum.com N/D 2 Services Internet & Mobile 25 Aslanoba Capital Turkey Meal Box N/D 1 Services 26 Atalian France Etkin Servis Hizmetleri Services 51% N/D

16 Deal Value Deal Value # Acquirer Origin Target Sector Stake # Acquirer Origin Target Sector Stake (US$ million) (US$ million) 212 Capital Partners, Internet & Mobile Auckland Investment Şeker Yem ve Piliç Sanayi 1 Turkey iyzico N/D 1 27 UAE Food & Beverage 70% N/D Pahicle Invest Services Group Ticaret A1 Capital Menkul 2 Turkey Ulus Menkul Değerler A.Ş. Financial Services 100% N/D 28 Austria Card Austria Provus Kart Hizmetleri Financial Services 51% N/D Değerler Avod Gıda Kurutulmuş 29 Turkey Banadora Gıda Food & Beverage 100% 10 3 AAK AB Sweden Frita Food & Beverage 100% N/D Tarım Ürünleri Actera Group (through LBT 4 Turkey Turkasset Varlık Yönetim Financial Services 100% N/D 30 AZ International Holdings Italy Notus Portföy Yönetimi Financial Services 70% 3 Varlık Yönetim) 31 AZ International Holdings Italy AZ Global Portföy Yönetimi Financial Services 40% 3 AGM Avrupa Sağlık 5 Turkey Baysan Trafo Radyotörleri Manufacturing 73% 13 Baldur Süspansiyon Üretim Kocaeli Çayırova Makas Hizmetleri 32 Turkey Manufacturing 100% 13 Sanayi ve Ticaret A.Ş. Fabrikası Hacettepe Teknokent Eğitim ve Klinik Araştırma Güden Sağlık Hizmetleri 6 Akfen Holding Turkey Merkezi Sağlık AR-GE Construction 45% 14 33 Baysan Trafo Turkey Ticaret A.Ş. - Valide Etfal Healthcare 100% 8 Danışmanlık Proje Sanayi ve Özel Sağlık Hizmetleri Ticaret A.Ş. 34 BBVA Spain Garanti Bankası Financial Services 15% 2.469 Gizem Seramik Frit ve Yatağan Thermal Power 7 Ak-Kimya Sanayi Turkey Manufacturing 100% N/D 35 Bereket Enerji Turkey Energy 100% 1.091 Glazür Sanayi Plant 8 Aksa Enerji Turkey Siirt Akköy Enerji Energy 100% 2 Çatalağzı Thermal Power 36 Bereket Enerji Turkey Energy 100% 350 Marmara Petroller San. Ve Wholesale & Plant 9 Aksel Enerji Yatırım Holding Turkey 63% 6 Tic. A.Ş. Distribution A-Tel Pazarlama ve Servis 37 Bereket Holding A.Ş. Turkey Telecommunication 50% 14 Hizmetleri A.Ş. 10 Alstom France Deltom Jeotermal Analiz Energy 30% N/D Şok Marketler (franchising 38 Bizim Toptan Satış Turkey Retail 100% 14 11 Altınbaş Holding Turkey Sümer Faktoring Financial Services 100% N/D operations - 196 stores) 12 Altun Market Turkey Özlem Market (5 stores) Retail 100% N/D Boğaziçi Bilgi İşlem 39 Turkey Ataç İnşaat Construction 100% N/D MH Perakendecilik (indirect Teknoloji Reklamcılık 13 Anadolu Endustri Holding Turkey Retail 81% 800 40.25% share of Migros) 40 Boydak Group Turkey Fırtına Elektrik Üretim Energy 100% N/D Başkent Gölbaşı Maden Anayurt Kömür Madencilik Polmot Motor Makina 14 Turkey Enerji Kömür Elektrik Mining 100% N/D 41 Caprari S.p.A. Italy Manufacturing 50% N/D San. ve Tic. A.Ş. Sanayi ve Ticaret A.Ş. Üretim ve San. Tic. Ltd. Şti. 42 Cargill USA Turyağ Gıda Food & Beverage 100% N/D 15 Ansa Yatırım Holding Turkey Prestij Oto Kiralama Services 98% 2 Alemdar Kimya Endüstrisi 43 Cargill USA Petrochemicals 100% N/D 16 Ansa Yatırım Holding Turkey Nuvel Turizm Services 60% 0 A.Ş. Wholesale & Wholesale & 17 Aptec Holdings Limited UAE Armada Bilgisayar 58% 24 44 Carl Zeiss Meditec AG Germany Optronik 100% N/D Distribution Distribution Kızıltepe Gold and Silver Genpa Marketler (15 stores 18 Ariana Resources UK Mining 100% N/D 45 CarrefourSA Turkey Retail 100% N/D Mine in Antalya) 19 Arvato Germany OGLI Services 100% N/D 46 CCL Industries Canada CCL-Dekopak Manufacturing 100% N/D Ascent Capital (through Orhaneli and Tunçbilek 47 Çelikler İnşaat Turkey Energy 100% 521 20 Alivira Animal Health India Provet Veteriner Ürünleri Pharmaceuticals 60% N/D Thermal Power Plants Limited) 5 Hydro Electric Power 48 Cem Veb Ofset Turkey Energy 100% 9 21 Aslanoba Capital Turkey OnlineMarket E Commerce N/D N/D Plants Sançim Bilecik Çimento Internet & Mobile Çimsa Çimento Sanayi ve 22 Aslanoba Capital Turkey Modacruz.com N/D N/D 49 Turkey Madencilik Beton San. Tic. Manufacturing 100% 221 Services Ticaret A.Ş. A.Ş. Internet & Mobile 23 Aslanoba Capital Turkey Webrazzi 15% N/D Compagnie de Saint- Services 50 France Atlas Zımpara Manufacturing 100% N/D Gobain SA Internet & Mobile 24 Aslanoba Capital Turkey BuldumBuldum.com N/D 2 Services 51 CRIF SpA Italy Recom Turkey Financial Services 65% N/D Internet & Mobile CTS Makine Demir ve Çelik Asmaş Ağır Sanayi 25 Aslanoba Capital Turkey Meal Box N/D 1 52 Turkey Manufacturing 100% 13 Services Ürünleri Makinaları ILMAK Makine Sanayi ve 26 Atalian France Etkin Servis Hizmetleri Services 51% N/D 53 Cuki Cofresco S.p.A Italy Manufacturing 50% N/D Ticaret A.Ş.

17 Deal Value # Acquirer Origin Target Sector Stake (US$ million) Restaurants & 54 D.ream Turkey Günaydın Et 70% N/D Hospitality Danieli & C. Officine 55 Italy Termo Makine Manufacturing 75% N/D Meccaniche 56 Deceuninck NV Belgium Pimaş Plastik Manufacturing 81% 26 DJ Cool Klima ve Soğutma 57 Denso Japan Manufacturing 50% N/D Cihazları Internet & Mobile 58 DocPlanner USA Eniyihekim.com 100% N/D Services 59 Doğuş Holding Turkey Corpera Turizm Tourism N/D N/D

60 DS Smith UK Kaplamin Ambalaj Sanayi Manufacturing 45% N/D Wholesale & 61 Elekta AB Sweden Mesi Medikal A.Ş. 100% N/D Distribution

62 Elemental Holding SA Poland Evciler Kimya Services 51% 11

63 Elvan Gıda Turkey Balaban Gıda Food & Beverage 100% N/D EMF Capital Partners; 64 UK Aviva Sigorta Financial Services 99% N/D Deutsche Investitions Mor and Ağkolu Hydro 65 Enso Hydro GmbH Austria Energy 100% N/D Power Plants 66 Es Mali Yatırım Turkey BMC Manufacturing 100% 354 Logistics & 67 Esas Holding; Actera Group Turkey U.N. Ro-Ro 98% N/D Transportation 68 Essentra UK Mesan Kilit Manufacturing 100% N/D

69 Eti Gıda Turkey Alaska Frigo Brand Food & Beverage 100% 6 Senerji Enerji Üretim A.Ş. 70 ETİ Krom Turkey (3 Hydro electrical power Energy 100% N/D plants) American Shared Services 71 Euromedic Netherlands Hospital (Gamma Knife Healthcare 100% N/D business in Turkey) European Bank of 72 Reconstruction and UK Paşabahçe Cam Sanayii Manufacturing 15% 158 Development Internet & Mobile 73 Exclusive Networks Group France Bilisimcim 100% N/D Services 74 Exeltis Pharmaceuticals Spain Embil İlaç Pharmaceuticals 100% N/D

75 Ferrero SpA Italy Oltan Gıda Food & Beverage 100% N/D

76 Ferro Corporation USA Ege Kimya (some assets) Manufacturing 100% N/D Florence Nightingale 77 Fiba Sağlık Yatırımları Turkey Healthcare 50% N/D Hastaneleri Polyak Eynez Enerji Üretim 78 Fina Enerji (Fiba Group) Turkey Mining 70% N/D Madencilik 79 Gama Holding Turkey Gama Enerji Energy 50% N/D

80 Gedik Girişim Turkey Zen Enerji Energy 20% 0

81 Goldman Sachs USA Petlim Limancılık A.Ş. Infrastructure 30% 250 Wholesale & 82 Gözde Girişim Turkey Penta Teknoloji Dağıtım 54% 13 Distribution 83 GroupM UK Amvg Media 100% N/D

84 Güler Yatırım Holding Turkey A1 Capital Menkul Değerler Financial Services 45% 4

85 Gulf Cryo Kuwait Deniz Gaz Manufacturing 100% N/D

18 Deal Value # Acquirer Origin Target Sector Stake (US$ million) 86 Hacı Duran Beğendik Turkey Real Hipermarketleri Retail 100% N/D Acarlar Dış Ticaret ve Wholesale & 87 Haulotte Group France 50% N/D Makine Sanayi Distribution 88 Hero Group Switzerland Hero Gıda Food & Beverage 50% N/D Yeniköy and Kemerköy 89 IC İçtaş Enerji Turkey Energy 100% 2.671 Thermal Power Plants Internet & Mobile 90 iLab Ventures Turkey Emlakjet.com 100% N/D Services 91 Impro Group USA Cengiz Makine Manufacturing 100% N/D Merkez Deniz Acenteliği ve 92 Inchcape Shipping Services UK Services 100% N/D Ticaret A.Ş. 93 Indorama Ventures Public Thailand Artenius Turkpet Petrochemicals 100% N/D Industrial and Commercial 94 China Tekstilbank Financial Services 76% 313 Bank of China STP Gıda Sanayi ve Ticaret Restaurants & 95 Infinity Invest Holding Turkey 70% N/D A.Ş. (Özsüt) Hospitality Hamitabat Elektrik Üretim 96 InfraMed Infrastructure France Energy 25% N/D A.Ş. International Finance 97 USA Gama Enerji Energy N/D 170 Corporation (IFC) International Finance 98 USA Soda Sanayii A.Ş. Manufacturing N/D 25 Corporation (IFC) 99 Inventures Turkey Tazemasa.com E Commerce N/D N/D

100 IPG Mediabrands S.A. USA Promoqube Media 100% N/D RM Arşiv Yönetim 101 Iron Mountain Inc. USA Services 100% N/D Hizmetleri A.Ş. Radore Veri Merkezi 102 İş Girişim, DGSK Turkey Services 57% 16 Hizmetleri Işıklar Enerji ve Yapı 103 Turkey Usaş Uçak Servisi Services 19% 24 Holding Internet & Mobile 104 isimtescil.net Turkey Beriltech 100% N/D Services TF Fuarcilik ve 105 ITE Group plc UK Organizasyon Anonim Entertainment 100% 13 Sirketi 106 IUS Software Slovenia Oniki Levha Yayıncılık Media 54% N/D Internet & Mobile 107 iyzico Turkey mypat.co 100% N/D Services Steamlab Sterilization Food 108 Jayanti India Food & Beverage 98% N/D A.Ş. 109 Jiangxi Copper Co Ltd China Nesko Metal Mining 50% N/D Körfez Enerji Sanayi ve 110 Kapital Yatırım Holding Turkey Energy 72% 21 Ticaret A.Ş. 111 Kaplan Giyim Turkey Herry Hazır Giyim Retail 38% 10 Kazancli Istanbul Marketleri 112 Turkey Denmar Marketleri Retail 100% 7 (KIM) AES Entek Elektrik Üretim 113 Koç Holding; Aygaz Turkey Energy 50% 125 A.Ş. Kuzey Star Shipyard 114 Jordan Çelik Tekne Tersanesi Shipbuilding 100% 13 Denizcilik 115 LeasePlan Corporation Netherlands LPD Holding A.Ș Financial Services 49% N/D

19 Deal Value # Acquirer Origin Target Sector Stake (US$ million) Mikro-Optik Tıbbi Wholesale & 116 Leica Microsystems Germany Malzeme; Gantenbein 100% N/D Distribution Ticaret 117 Lesaffre Group France Dosu Maya Food & Beverage 100% 220

118 Levant Capital UAE Panço Giyim Retail N/D N/D Malaysia Airports Holdings Istanbul Sabiha Gökçen 119 Malaysia Infrastructure 40% 369 Berhad International Airport Marsaş Baskı ve Ambalaj 120 Sanayi Ticaret A.Ş.; Private Turkey Doğan Ofset Services 100% 6 Investor (Fulya Kavak) Wholesale & 121 Marubeni Corp Japan Temsa İş Makinaları 49% N/D Distribution 122 MCI Switzerland 3Events Entertainment 100% N/D Mediterra Capital (through Erna Sigorta ve Reasürans 123 ACP Sigorta ve Reasürans Turkey Financial Services 100% N/D Brokerlığı A.Ş. Brokerlığı) Wholesale & 124 Medtronic USA Biostar 80% N/D Distribution Wholesale & 125 Menba Holding Turkey Ulnamed Tibbi Malzemeler 20% 0 Distribution Merieux NutriSciences Kalite Sistem Laboratories 126 USA Services 100% N/D Corporation Group SPINTECH Medikal 127 MESA, Sagl Switzerland Services 100% N/D Sistemler Tic. Ltd Sti. Metek Hidro Enerji Sanayi Esendal Işıklar Hydro 128 Turkey Energy 100% 2 ve Ticaret A.Ş. Electric Power Plants Wholesale & 129 Mitsubushi Electric Japan Klima Plus 100% N/D Distribution Mitsubushi Heavy 130 Japan Kırklareligaz Enerji Energy 50% N/D Industries Internet & Mobile 131 MOL Global Malaysia PaytoGo, Game Sultan 30% N/D Services Klon Ödeme ve İletişim Internet & Mobile 132 MOL Global Malaysia 100% N/D Teknolojileri A.Ş. Services Internet & Mobile 133 Monitise UK Pozitron Yazılım 100% 99 Services 134 MT Holding Turkey Taç Yönetim Services 60% N/D

135 Namet Gıda Turkey Maret Food & Beverage 100% 75

136 Naspers South Africa Markafoni E Commerce 28% N/D

137 National Bank of Greece Greece Finansbank Financial Services 5% 343

138 NBK Capital Kuwait Sistem-9 Medya Media 51% N/D

139 NBK Capital Kuwait Yatsan Retail 78% N/D Nesma Holding; ReAya 140 Saudi Arabia Avrupagöz Healthcare 50% 24 Holding 141 Net Şans; Hitay Holding Turkey Milli Piyango Services 100% 2.755

142 NH Foods Japan Ege-Tav Food & Beverage 60% 72 Nikkei Business 143 Japan Mutlu Dergi Grubu Media 80% N/D Publications 144 Norsel International Turkmenistan Teknik Alüminyum Manufacturing 51% N/D Batı Anadolu Madencilik 145 Nurol Holding Turkey Mining 100% N/D San. Ve Tic. A.Ş. 146 Oceanco Netherlands Proteksan Turquoise Shipbuilding 63% N/D

20 Deal Value # Acquirer Origin Target Sector Stake (US$ million) 147 Okullu Gıda Turkey Tukaş Food & Beverage 82% N/D

148 Ordu Yardımlaşma Kurumu Turkey Oyak İnşaat A.Ş. Construction 25% 6 Sıla Teknik A.Ş., STG 149 Orhan Holding Turkey Manufacturing 51% N/D Otomotiv 150 OYAK Çimento Turkey Denizli Çimento Manufacturing 100% N/D Aktay Turizm Yatırımları ve 151 Ozak Gayrimenkul Yatırım Turkey Tourism 32% 28 İşletmeleri Internet & Mobile 152 Paravion.es Spain Bavul.com 100% N/D Services Wholesale & 153 Parexel USA Atlas Medical Devices 100% N/D Distribution 154 Partners Group Holding Switzerland Enerya Energy 30% N/D

155 Pasha Bank OJSC Azerbaijan TAIB Yatırım Bank Financial Services 100% N/D

156 Pegasystems Inc. USA Ultima IT Technology 100% N/D Wholesale & 157 Penta Teknoloji Turkey Ekip Elektronik 100% N/D Distribution 158 Pera Capital Turkey Autoking Services 50% N/D

159 Pine River Capital USA Net Holding Tourism 15% 75

160 PineBridge Investments USA Romatem Healthcare 50% N/D

161 Polat Enerji Turkey Meltem Enerji Energy 87% 3

162 Polski Bank Komorek Poland Yaşam Bankası Healthcare 85% N/D

163 Premiere Vision SAS France CNR Holding Entertainment 51% N/D MNG Sanal Ürün Pazarlama Private Investor (Acun 164 Turkey A.Ş.; MNG Radyo TV ve Media 32% N/D Ilıcalı) Medya Hizmetleri A.Ş. Private Investor (Emre Internet & Mobile 165 Turkey Volt N/D N/D Aydın) Services Private Investor (Ethem 166 Turkey Star Medya Yayıncılık A.Ş. Media 100% N/D Sancak, Murat Sancak) Private Investor (İhsan 167 Turkey Özlem Et Food & Beverage 50% 35 Yıldız) Private Investor (Lütfi Internet & Mobile 168 Turkey Ehil.com N/D N/D Gündüz) Services Private Investor (Mahmut Anayurt Kömür Madencilik 169 Turkey Mining 33% N/D Can Çalık) San. ve Tic. A.Ş. Private Investor (Masum Kervansaray Yatırım 170 Turkey Tourism 3% 3 Çevik) Holding Private Investor (Niyazi 171 Turkey Dardanel Food & Beverage 30% 7 Önen) Private Investor (Nusret Sardis Menkul Değerler 172 Turkey Financial Services 100% N/D Altınbaş) A.Ş. Private Investor (Selim Internet & Mobile 173 Turkey Evcilbesinleri.com 100% N/D Kinsun) Services 174 Private Investor (Tekin Acar) Turkey Tekin Acar Retail 50% N/D Private Investors (Adem 175 Turkey Jumbo Retail 100% N/D Atmaca, Fatih Karaca) Private Investors (Ahmet Exotic Gıda ve Sanayi 176 Namık Yarman, Özbek Turkey Food & Beverage 100% N/D Ticaret A.Ş. Özşahin) Private Investors (Aydın 177 Turkey A101 Retail 18% 133 Family)

21 Deal Value # Acquirer Origin Target Sector Stake (US$ million) Private Investors (Ergün Bodur, Ertan Acar, Veysel 178 Turkey UCZ Magazacilik Retail 60% N/D Taşkın, Ahmet Özaktaç, İsmet Or) Private Investors (Hasan Aslanoba, Alp Saul, Can 179 Turkey Vivense.com E Commerce N/D N/D Yücaoğlu, Evren Üçok, Gamze Yücaoğlu) Private Investors (Kerim 180 Turkey Arma Portföy Financial Services 99% N/D Kotan, Murat Zorlu) Private Investors (Metin 181 Aşık, Hakan Ertaç, and Turkey Cosmos Yatırım Holding Financial Services 28% 2 Mehmet Akçay) Private Investors (Numan 182 Lir, Muharrem Ender Turkey Nezih Kitap Retail 100% N/D Karvar) Private Investors (Önder 183 Turkey Kristal Kola Food & Beverage 38% 8 Nuranel, Memduh Öztürk) Private Investors (Selçuk 184 Saraç, Arda Kutsal, Turkey Octech Technology 40% N/D Projects) Private Investors (Tahsin 185 Altun, Eyyub Sabir Mercan, Turkey Taç Tarım Ürünleri Agriculture & Breeding 8% 1 İbrahim Öztürk) Private Investors (Talip 186 Turkey BMC Manufacturing N/D N/D Öztürk, Ahmet Öztürk) Public Sector Pension 187 Canada Polat Enerji Energy 45% N/D Investments 188 Pupa Bilişim Turkey Elmacı Pazarı Retail 100% N/D Qatar Armed Forces 189 Qatar BMC Manufacturing 50% N/D Industry Committe 190 Ravago Petrokimya Üretim Belgium Tekpol Teknik Poliuretan Petrochemicals 100% 49

191 Reed CEE GmbH Germany Tüyap Tüm Fuarcılık Services 50% N/D Internet & Mobile 192 Ribbit Capital USA parasut.com N/D N/D Services Wholesale & 193 Ricoh Japan Ofisteknik 100% N/D Distribution Wholesale & 194 Ricoh Japan Saral Büro 100% N/D Distribution 195 Rönesans Enerji Turkey Atagür Enerji Energy 85% N/D Wholesale & 196 RTA Laboratuvarları Turkey Sacem Hayat Teknolojileri 53% 1 Distribution Safi Katı Yakıt San. ve Tic. 197 Turkey Derince Port Infrastructure 100% 543 A.Ş. 198 Sagun Group Turkey Antalya Balık Agriculture & Breeding 33% N/D

199 SAICA Spain OMK Oluklu Mukavva Manufacturing 100% N/D

200 SBK Holding Turkey Biofarma Pharmaceuticals 100% N/D

201 SBK Holding Turkey Münir Şahin İlaçları Pharmaceuticals 100% N/D

202 SBK Holding Turkey Betasan Pharmaceuticals 100% N/D Günsan Elektrik 203 Schneider Electric SA France Manufacturing 100% N/D Malzemeleri Eston Yapı A.Ş. ve Çatı 204 SDF Emlak Turkey Construction 100% N/D İnşaat A.Ş.

22 Deal Value # Acquirer Origin Target Sector Stake (US$ million) 205 Seaboard Corp. USA Bağ Yağları Food & Beverage 25% N/D

206 Sestek Turkey Botego Technology 30% N/D Marmara Depoculuk Logistics & 207 Shell & Turcas Petrol A.Ş. Turkey 45% 46 Hizmetleri A.Ş. Transportation Topkapı Mineral Sanayi ve 208 Sino Construction Singapore Mining 20% 29 Tic. A.Ş. Socar Turkey Yatırım (Star 209 Socar Turkey Enerji A.Ş. Turkey Energy 19% 59 Refinery) Wholesale & 210 Spandex Benelux Belgium OTS İç ve Dış Ticaret 100% N/D Distribution 211 Tarsus Group UK Sada Uzmanlık Fuarları Entertainment 60% N/D

212 Tat Konserve Sanayi A.Ş. Turkey Moova Food & Beverage 100% 15 Fenerbahçe - Kalamış 213 Tek-Art (Koç Holding) Turkey Infrastructure 100% 664 Marina TE-MAPOL Polimer Plastik 214 ve İnşaat Sanayi Ticaret Turkey Center Glass Cam Mobilya Manufacturing 50% 2 A.Ş. 215 The Abraaj Group UAE hepsiburada.com E Commerce 25% N/D The Morning Star Harranova Besi ve Tarım 216 USA Food & Beverage 90% 3 Company Ürünleri A.Ş. 217 Travelex UK Limited UK Artı Döviz Ticaret Financial Services 75% 41

218 Trelleborg Sweden Superlas Manufacturing 100% N/D

219 TRN Marketing India Universal Travel Services Services 100% N/D Wholesale & 220 TRUMPF GmbH Germany Koz Makine 80% N/D Distribution Internet & Mobile 221 Turkcell Turkey Metronet 100% 13 Services 222 Turkish Private Investors Turkey AE Arma Elektropanç Construction 80% 29 Tekkon Teknoloji ve Kontrol 223 TUV Süd AG Germany Services 100% N/D Mühendislik Ticaret A.Ş. Ülke Yatırım Araştırma Dere and İvriz Hydro 224 Turkey Energy 100% 2 Geliştirme Electric Power Plants 225 Ülker Bisküvi Turkey Biskot Bisküvi Food & Beverage 30% 95 Martuk Sünger ve Koltuk 226 Üstünberk Holding Turkey Manufacturing 50% N/D Tesisleri 227 Verimed Turkey Uyum Gıda Food & Beverage 23% 13 Verusaturk Venture Capital Logistics & 228 Turkey Profreight Taşımacılık 44% 2 Investments Transportation Kayaköy Hydro Electric 229 Veysi Madencilik Turkey Energy 100% 10 Power Plant 230 Vimar Hayvan Sağlığı Turkey Vilsan Pharmaceuticals Pharmaceuticals 100% N/D Volkswagen Doğuş 231 Turkey Scania Finansman Financial Services 100% 8 Finansman Wholesale & 232 W.R. Grace Co. USA Grace Yapı Kimyasalları 50% N/D Distribution Mikro Ödeme Sistemleri Internet & Mobile 233 Wirecard AG Germany 100% 16 İletişim ve Tic. A.Ş. Services Arıtaş Basınçlı Kapılar 234 Worthington Industries USA Manufacturing 75% N/D Sanayi A.Ş. 235 WPP UK CB'a Turkey Media N/D N/D Logistics & 236 Yusen Logistics Japan İnci Lojsitik 32% N/D Transportation

23 24 25 For more information about M&A Advisory Services contact:

Başak Vardar Financial Advisory Services Leader Partner [email protected] + 90 (212) 366 63 71

DRT Kurumsal Finans Danışmanlık Hizmetleri A.Ş.

İstanbul Office Ankara Office Deloitte Values House Armada İş Merkezi Maslak No1 A Blok Kat:7 No:8 34398 Söğütözü, Ankara İstanbul 06510 +90 (212) 366 60 00 +90 (312) 295 47 00

İzmir Office Bursa Office Çukurova Office Punta Plaza 1456 Sok. Zeno Center İş Merkezi Günep Panorama İş Merkezi No:10/1 Kat:12 Odunluk Mah. Kale Cad. Reşatbey Mah. Türkkuşu Cad. Daire:14 - 15 No:10 d Bina No:1 B Blok Kat:7 Alsancak, İzmir Nilüfer, Bursa Seyhan, Adana +90 (232) 464 70 64 +90 (224) 324 25 00 +90 (322) 237 11 00

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